Archive for July 29, 2014

Should the Personal Representative of an Estate Seek Pay?

When the Personal Representative of an Estate (also known as the Executor) is a family member, he or she often agrees to work for free before fully understanding the amount of work involved.

And, because other family members likely don’t understand the responsibilities of the Personal Representative, and the time that it takes to carry out those responsibilities, the Personal Representative may not even get a “thank you” for his or her work. » Read more..

Will My Inheritance be Taxed?

Assets inherited by a surviving spouse are not taxed, but the inheritance of others may be.

Some states – such as Iowa — impose an inheritance tax. Other states – such as Minnesota – have an estate tax but not an inheritance tax. Still other states have neither an inheritance nor estate tax. The tax laws of the state where the deceased lived determines which state law applies. » Read more..

“One to Buy; Two to Sell”

If you are married and own real estate in Minnesota, your spouse must agree to the sale of that property whether or not your spouse’s name is on the title to the property.

This short-hand description of this rule is: “one to buy; two to sell”. In other words, the signatures of both spouses are not needed to purchase the Minnesota real estate, but both signatures are needed to sell it. » Read more..